GCC buy now pay later (BNPL) operator Tabby is set to acquire Saudi digital wallet Tweeq following an agreement signed at the kingdom’s 24 Fintech event. Tweeq will continue to operate independently, while Tabby plans to integrate digital spending accounts, cards, and money management tools into its suite of financial products, adhering to regulatory standards. Founded in 2020 and licensed by the Saudi Central Bank (SAMA), Tweeq offers customers the ability to spend, send, and manage money via a digital wallet app. Both companies aim to enhance their service offerings pending regulatory approval, thereby providing a robust alternative to traditional banking across the GCC. This acquisition marks another milestone for Tabby, which received its BNPL permit from SAMA in July 2023 after graduating from the regulatory sandbox.
Financial Technology (Fintech), Digital Payments,GCC (Gulf Cooperation Council), Saudi Arabia
https://www.zawya.com/en/business/fintech/bnpl-app-tabby-to-acquire-saudi-digital-wallet-tweeq-jkej2usw